![]() ![]() In 2014, Hong Kong based investor Integrated Whale Media had bought a majority stake in Forbes for around $475 million. In 2022, Forbes had cancelled plan to go public in a $630 million SPAC listing with Magnum Opus Acquisition Corp. Steve Forbes is the grandson of Forbes founder Bertie Charles Forbes, founding Forbes in 1917. Milestone Alert!Livemint tops charts as the fastest growing news website in the world □ Click here to know more.Billionaire & Founder of Self-Driving Luminar Technologies Austin Russell Age 28 Buys 82% of Forbes Valued at $800 Million from Hong Kong Integrated Whale Media Investments, Forbes Family Exits But Chairman Steve Forbes Remains Involved in Companyīillionaire & founder of self-driving technology company Luminar Technologies Austin Russell (Age 28) has acquired 82% of Forbes valued at $800 million from Hong Kong Integrated Whale Media Investments, with Forbes family exiting but Chairman Steve Forbes remains involved in the company. That year, Thai business magnate Chatchaval Jiaravanon purchased Fortune, and biotech investor Patrick Soon-Shiong acquired the Los Angeles Times. Other wealthy business and tech leaders that have invested in media companies include Amazon founder Jeff Bezos, who acquired the Washington Post in 2013, and Salesforce co-founder Marc Benioff and his wife Lynne Benioff, who acquired Time Magazine in 2018. The current sale process began after Forbes terminated an agreement to go public through a special-purpose acquisition company last June. The Forbes family ceded control of the company in 2014, when it sold a majority stake to Integrated Whale Media. Integrated Whale Media will keep one board seat in conjunction with its retained minority stake and Steve Forbes, who is currently chairman and editor in chief of Forbes Media, will remain involved in the company, Mr. ![]() Russell said he plans to tap a new board for Forbes consisting of American media, tech, and artificial-intelligence experts. It has also diversified its operations and now has an ad-supported media business, as well as an event group, an affiliate marketing unit that makes money when readers take certain actions or make purchases, and a branded ventures arm that licenses the Forbes brand. Russell doesn’t plan to get involved in Forbes’s news coverage, or day-to-day operations, but said he plans to focus on continuing its growth and emphasizing philanthropy within the business.įorbes, which is known for its billionaire list and annual feature on up-and-coming business leaders under the age of 30, has become increasingly reliant on a network of contributors in recent years. ![]() Russell, who was once recognized by Forbes in its “30 Under 30" feature for being a young self-made billionaire. “Forbes is something I had always looked up to as a brand and as a media empire," said Mr. The company is profitable, according to people familiar with the matter. Forbes’s parent company, Hong Kong-based Integrated Whale Media Investments, will retain a minority stake in the more than 100-year-old publisher, Mr. ![]()
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